• RESERVE BANK OF INDIA

FEMA

Master Circular No. 06/2010-11 Dated 01.07.2010 - Master Circular on Export of Goods and Services

Banks conduct export transactions in conformity with the Foreign Trade Policy in vogue and the Rules framed by the Government of India and the Directions issued by Reserve Bank from time to time. The Reserve Bank has notified the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 relating to export of goods and services from India. In terms of Regulation 4 of the Foreign Exchange Management (Guarantees) Regulations, 2000 banks have been permitted to issue guarantees on behalf of exporter clients on account of exports out of India subject to specified conditions.

Press Release No. 2010-2011/13 Dated 02.07.2010 - RBI releases draft Guidelines on Compensation of Whole Time Directors/CEOs/Risk takers and Control Function Staff of Private Sector and Local Area Banks and Foreign Banks operating in India

As it was announced in the Second Quarter review of Monetary Policy on October 27, 2009 that the Reserve Bank will issue guidelines to private sector banks and foreign banks on sound compensation policy in line with the steps taken by the global community Reserve Bank released guidelines regarding it. Comments/feedback on the draft guidelines are invited by July 31, 2010 to Chief General Manager.

RPCD

Circular No. RPCD.SP.BC.No.2/09.16.01/2010-11 Dated 01.07.2010 - Master Circular Priority Sector Lending - Special Programmes Swarna Jayanti Shahari Rozgar Yojana (SJSRY)

Reserve Bank of India periodically issues instructions/directives to banks with regard to operationalisation of the Swarna Jayanti Shahari Rozgar Yojana (SJSRY). To enable banks to have current instructions at one place, a Master Circular incorporating all the existing guidelines/instructions/directives on the scheme has been prepared.

RPCD

Circular No. RPCD.CO.RRB.No.BL.BC.8 / 03.05.90- A/ 2010-11 Dated 01.07.2010 - Section 23 of the Banking Regulation Act, 1949 - Master Circular on Branch Licensing - Regional Rural Banks (RRBs)

Reserve Bank of India has been issuing instructions to RRBs regarding opening/shifting/merger of branches/extension counters/offices, etc. from time to time. Consolidating all the current instructions and incorporating certain changes made therein, master circular has been prepared to enable RRBs to peruse the required information at a single source.

• SECURITIES AND EXCHANGE BOARD OF INDIA

Notification No. LAD-NRO/GN/2010-11/12/10230 Dated 29.06.2010 - Obtaining of Series-IV: IRD certification by existing approved users and sales personnel of the Trading Member

Securities and Exchange Board of India approves the NISM-Series-IV: Interest Rate Derivatives Certification Examination ( Series-IV: IRD ) . Therefore trading members has to ensure that all its existing approved users and sales personnel obtain Series-IV: IRD certification within 2 years from the date of this notification. And also that approved user and sales personnel employed , obtains Series-IV: IRD certification within 1 year from the date of employment after the date of this notification.

• MINISTRY OF FINANCE

CBEC Excise Non-Tariff

Notification No. 26/2010-(N.T) Dated 29.06.2010 - CENVAT Credit (Third Amendment) Rules, 2010 

CENVAT Credit (Third Amendment) Rules, 2010 amended the Rule 3 of CENVAT Credit Rules, 2004

Notification No. 27/2010-(N.T) Dated 01.07.2010 - CENVAT Credit (Fourth Amendment) Rules, 2010

CENVAT Credit (Fourth Amendment) Rules, 2010 issued amending rule 6, in sub-rule (6) of CENVAT Credit Rules, 2004,

• MINISTRY OF LABOUR AND EMPLOYMENT

Notification No. SO1515(E) Dated 21.06.2010 - The Coal Industry declared to be a Public Utility Service for the purpose of Industrial Disputes Act, 1947 (14 of 1947)

In exercise of the powers conferred by the proviso to sub-clause (vi) of clause (n) of Section 2 of the Industrial Disputes Act, 1947, the Central Government declared the service in the Coal Industry which is covered by Item 4 of the First Schedule to the Industrial Disputes Act, 1947 (14 of 1947) to be a Public Utility Service for the purpose of the said Act, for a period of six months from the 28th December, 2009.

• MINISTRY OF EXTERNAL AFFAIRS

Notification No. GSR372(E) Dated 01.07.2010 - Passport (Amendment) Rules, 2010

Passport (Amendment) Rules, 2010 amended Passport Rules 1980 by inserting Passport Application Form And Supplementary Form with Instruction (Form EA (P)-13).

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No.29/2010 Dated 30.06.2010 - TRAI issues Recommendations on Foreign Investment in Broadcasting Sector on 30June, 2010

Telecom Regulatory Authority of India (TRAI) after consulting with stakeholders, sent its recommendations to the Ministry of Information and Broadcasting after reviewing recommendations dated 26th April, 2008 on Foreign investment in Broadcasting sector in the light of recent changes in FDI policy. AS the Consolidated FDI policy issued by the Department of Industrial Policy & Promotion (DIPP) came into effect since 1st April, 2010 modified the methodology of calculation of foreign investment in Indian Companies.

• SERVICE TAX

Circular No. 124/6/2010 Dated 29.06.2010 - Accounting Codes Released for Services Introduced vide Finance Act, 2010

Accounting Codes for the purpose of payment of service tax released by CBEC under the Major Head "0044-Service Tax" in respect of the new taxable services.

D.O.F.No. 334/03/2010-TRU Dated 01.07.2010 - Issuance of Service Tax Notifications after enactment of the Finance Act, 2010

The Department has issued a DO letter intimating about the issuance of Notifications relating to Service Tax after enactment of the Finance Act, 2010.

• MINISTRY OF HOME AFFAIRS

Notification No. GSR490(E) Dated 09.06.2010 - Central Reserve Police Force, Pioneer Cadre (Group B+C Posts) Recruitment Rules, 2010

In exercise of the powers conferred by Sub -Section (1) of Section 18 Central Reserve Police Force Act,1949(66 of 1949),the Central government makes Central Reserve Police Force, Pioneer Cadre (Group B+C Posts) Recruitment Rules,2010 under the Ministry Of Home Affairs.

• MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES

Notification No. GSR521(E) Dated 17.06.2010 - Coir Industry Amendment Rules 2010-Draft Rules

Coir Industry (Amendment) Rules ,2010 proposed to amend Rule 15 of Coir Industry Rules,1954.

• MINISTRY OF PETROLEUM AND NATURAL GAS REGULATORY BOARD

Notification No. GSR481(E) Dated 07.06.2010 - Petroleum and Natural Gas Regulatory Board (Petroleum and Natural Gas Register) Regulation 2010

Petroleum and Natural Gas Regulatory Board (Petroleum and Natural Gas Register) Regulation 2010 amended the Petroleum and Natural Gas Regulatory Board Act ,2006.

Notification No. GSR480(E) Dated 07.06.2010 - Petroleum and Natural Gas Regulation Board (Authorizing Entities to Lay, Build, Operate or Expand Natural Gas Pipelines) Amendment Rules,2010

Petroleum and Natural Gas Regulation Board (Authorizing Entities to Lay, Build, Operate or Expand Natural Gas Pipelines) Amendment Rules,2010 amended the Petroleum and Natural Gas Regulation Board (Authorizing Entities to Lay, Build, Operate or Expand Natural Gas Pipelines) Amendment Rules,2008.

Notification No. GSR477(E) Dated 07.06.2010 - Petroleum and Natural Gas Regulatory Board (levy of fees and other Charges )Amendment Rules, 2010

Petroleum and Natural Gas Regulatory Board (Petroleum and Natural Gas Register) Regulation 2010 amended the Petroleum and Natural Gas Regulatory Board Act,2006.

• MINISTRY OF CIVIL AVIATION

Notification No. GSR528(E) Dated 21.06.2010 - Aircraft ( Amendment) Rules, 2010 (Draft)

Aircraft ( Amendment) Rules, 2010 proposed to amend the Aircraft Rules, 1937. The said draft rules will be taken into consideration after a period of thirty days from the date on which copies of the Gazette of India in which this notification is published.

• MINISTRY OF CULTURE

Notification No. GSR506(E) Dated 11.06.2010 - Ministry of Culture, Anthropological Survey of India, Director, Group 'A' Post Recruitment Rules, 2010

In exercise of the powers conferred by the proviso to Article 309 of the Constitution and in supersession of the Anthropological Survey of India (General Central Service Class I and Class II Posts) Recruitment Rules, 1967, in so far as they relate to the post of the Director, except as respects things done or omitted to be done before such supersession, the President makes the Ministry of Culture, Anthropological Survey of India, Director, Group 'A' Post Recruitment Rules, 2010 regulating the method of recruitment to the post of Director in the Anthropological Survey of India.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Order No. IRDA/AGTS/ORD/TRNG/109/07/2010 Dated 06.07.2010 - Pre recruitment examination for Insurance Agents.

In order to streamline the examination system of Pre recruitment examination for Insurance Agents, Insurance Institute of India and NSE-IT shall computerize all the remaining examination centers in the country by 31st March 2011, examination fee will be charged from the candidates and for this purpose both institute enter into an agreement along with IRDA.